UNIQA raised to BUY, TP EUR 7.6 - FY 20 impacted by Covid-19, recovery in FY 21
We upgrade UNIQA to BUY with a TP of EUR 7.6 (previously EUR 9.8 per share). The company will likely suffer a temporary hit by the Covid-19 crisis and as announced might generate a loss in the current fiscal year. Additionally, it will not be paying out a dividend for the current year. Nevertheless, at a level of EUR 6.3 we see those effects priced in and consider the downside risk more limited. On the contrary, most of the drivers behind the performance in the current fiscal year can be seen as one-offs and FY 21 should see some normalisation with a restart of dividend payments (albeit on a somewhat lower level than in the past, in our view). Our TP of EUR 7.6 is derived from dividend discount, economic profit and multiples based valuation approaches.UNIQA Versicherungen is a provider of insurance products and related services. Co.operates in three business segments: property and casualty insurance, life insurance and health insurance. Co. provides property and casualty insurance; personal insurance, including health, accident and life insurance. Co. is also a direct marketer of accident, life and health insurance products, including online sales. Co.develops solutions for unit-linked products for the whole group.Co. provides its products and services through sales channels, including brokers and general agencies, banks and direct sales.
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